5 Levers to Success with Cyber Insurance for MSPs
The article outlines five key strategies for MSPs to successfully navigate evolving cyber insurance requirements, including educating sales teams, updating Master Service Agreements to mandate client coverage, proactively reviewing client policies before renewal, incorporating cyber insurance questionnaires into security assessments, and partnering with specialized cyber insurance experts.
Cyber insurance policies and requirements are constantly evolving with the latest cyberthreats. Use these 5 levers as a guide for your MSP to help you stay on track with every change in the world of cybersecurity.
1. Salesperson/Owner Education
Your team members who interact with customers and prospects should be fully educated on cyber insurance. This ensures they’re appropriately encouraging customers to get the policies best suited for their business.
2. MSA Review
MSP owners should update their Master Service Agreement (MSA) to require their customers to have a cyber insurance policy in place. This ensures protection for both your customer and your MSP.
3. Proactive Application Review/Process
MSPs should document the details of a client’s cyber insurance policy (carrier, incident hotline, limits, renewal date, etc.) no later than 60 days from when the policy renews to avoid any potential last minute issues.
4. Cyber Security Assessment
Most MSPs perform a baseline assessment with new or potential clients. Including a cyber insurance questionnaire in the assessment can save you time and differentiate your business from other MSPs.
5. Partner with a Specialist
95% of insurance agents don’t know much about cyber liability, so it’s important you have a knowledgeable cyber specialist your team can rely on for insurance industry licensing and Errors & Omissions Insurance (E&O).